Nearly one in 10 Brits has no idea what comes out of their salary every month, a survey has found.
The vast majority – 82% – of Brits told payment protection company Halloway Friendly that they check their payslips every single month. But 10% claimed they check “most of the time”, while the remaining 8% admitted they “never” look.
Of those who never check, a whopping 87% said it is because they already know much they get paid.
But further probing revealed almost one in 10 (9%) Brits do not know exactly what deductions – including taxes, retirement benefits, health care costs, and special funds and donations – come out of their salaries each month.
What’s more, a startling 84% of Brits do not know how much is deducted for tax and national insurance, and 60% of those with student debt have no idea how much they pay towards loans.
The data shows Northern Ireland is the most uninformed region, overall, with almost one in five (18%) of people admitting they have no idea what deductions are made from their salaries.
However, it was closely followed by the north-east (17%), west midlands (15%), Scotland (13%) and Wales (11%).
The most unaware industries were also identified, with 14% of those working in retail not being aware of what comes out of their salary, followed by construction (13%) and HR (9%).
The survey also found two in five (39%) Brits do not know what tax code they are meant to be on, simply “assuming” they are currently being taxed the correct amount.
Those who don’t know what tax code they should be on could up owing HM Revenue & Customs, or even their employer, money should they be overtaxed or overpaid, Holloway warned.